Khajod bourse realty to have cost curbs

The direct sale or lease of floor space Index (FSI) to the bourse at Khajod by the state government on the lines of its GIFT city project in Gandhinagar will keep the rates of the properties under check

SURAT: The rates of properties in the upcoming Surat Diamond Bourse (SDB) at Khajod will be cheaper compared to any other posh area of Surat. A diamond trader will be able buy space at SDB, which is proposed to be built on 4 lakh square metre of land as it will be sold at around Rs 3,200 per square feet.

The direct sale or lease of floor space Index (FSI) to the bourse at Khajod by the state government on the lines of its GIFT city project in Gandhinagar will keep the rates of the properties under check.

"We don't expect the rates to be higher at Khajod than what it is in GIFT city," said Mathur Savani, SDB's administrative committee member. The present rate of property in GIFT city is Rs 1,200 per square feet while it is Rs 10,000 per square feet in Mumbai.

"The rate of a residential property in a posh area like Vesu is Rs 5,000 per square feet. On the other hand, per square feet of space at SDB will be quite cheap. A trader can afford to buy an office at SDB," said an officer of Surat Urban Development Authority (SUDA).

The proposed bourse will have offices of its 12,000 members. Another 200 big and small diamond suppliers from around the world are also expected to set up their offices in the SDB. It is being designed by three architects and the best design would get the go ahead.

"We will begin the work on the bourse the moment we are allotted the land for it," said Lalji Patel, another SDB member